…BUYS INTO ANOTHER $15,000,000 BOND
The agenda for the May 14, 2014. City of Wildomar City Council meeting next week includes the following CONSENT CALENDAR item:
1.11 Sycamore Academy. CMFA JPA Agreement:
Please click on the following link to the City of Wildomar agenda to confirm:
Apparently the non-profit charter school Sycamore Academy, currently operating in the Baron’s market commercial center is asking the City of Wildomar to “front” for its effort to obtain a $15,000,000 bond and creating a Joint Powers Agency, similar to the organization operating the Animal Friends of the Valleys animal shelter.
Despite the fact that staff says that there is no fiscal impact to the city’s budget, the joining of the California Municipal Finance Authority, the process to do so will, at the very least, require the utilization of staff and contract staff personnel to join the organization and to be involved in the process of applying for the bond.
Whether the city is going to donate its time, or will be able to pass along some of its costs to Sycamore Academy, even with a small profit margin, this appears to be another “favors for friends” protocol.
Of course, the $15,000,000 bond amount is a haunting reminder of the economic debacle agreed to by the current City Council when they unthinkingly joined the Animal Friends of the Valleys JPA in 2010.
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Since the staff put this very unusual financing arrangement on their consent calendar, they obviously did not want to have anybody actually discuss whether or not this is good for the City of Wildomar.